SunTrust Bank Tower Sold to South American Group for $140M

Also known as the SunTrust Bank building in Brickell, the 13-story waterfront tower at 777 Brickell Avenue changed hands recently. An undisclosed South American investment group purchased the property and CBRE Capital Markets closed the $140 million sale, marketing the office tower and an adjacent 5-story parking on behalf of an institutional investor advised by CBRE Global Investors. Based on a Property Shark report, Brickell Office Plaza Inc. was the last owner, who acquired the asset in late September 2002 for $44.5 million.

An undisclosed South American investment group purchased the property at 777 Brickell Avenue. CBRE Capital Markets closed the $140 million sale, marketing the office tower and an adjacent five-story parking on behalf of an institutional investor advised by CBRE Global Investors. Based on a Property Shark report, Brickell Office Plaza Inc. was the last owner. It acquired the asset in late September 2002 for $44.5 million.

Located at the intersection of Brickell Avenue and Southeast 8th Street, the 341,490 square-foot property was built in 1980. It is one of only four Brickell Avenue office buildings with a waterfront location with views of Biscayne Bay, Brickell Key and Key Biscayne. The property is currently 93 percent leased to 29 tenants according to an announcement recently released by CBRE.

Vice President Amy Julian, First Vice President Christopher Apone, Senior Associate José Lobón and Vice Chairmen Christian Lee and Charles Foschini of CBRE Capital Markets’ Institutional Properties team marketed the property and negotiated the transaction for Brickell Office Plaza. Taylor & Mathis’s team of leasing brokers Brian Gale and Andrew Trench also assisted in the marketing of the deal.

“The unprecedented growth and transformation of the CBD along with the world-class location of the property provide a tremendous upside opportunity for new ownership through the operation of the institutional-quality office building as well as potential future redevelopment,” said Amy Julian in CBRE’s press release.